Singularity AMC pays Rs.40.5 L to settle AIF rule violation cases with Sebi

Mumbai-based Singularity AMC has settled two cases with the Securities and Exchange Board of India (Sebi) regarding violations of alternative investment fund (AIF) norms by paying INR 40.5 lakh in settlement charges.Singularity AMC LLP paid INR 9.37 lakh to settle a case involving Singularity Equity Fund and INR 31.12 lakh for alleged violations involving three schemes of Singularity Growth Opportunities Fund.In the first case, the regulator found that the manager or sponsor failed to maintain the prescribed continuing interest in Singularity Equity Fund for the quarters from September 2023 to June 2024.In the second case, Sebi observed that the manager's drawdowns were not proportionate to those made from other investors in three schemes: Singularity Growth Opportunities Fund II, Singularity Early Opportunities Fund and Founders Collective Fund.